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20121224
20130101
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obama says that congress must act now to avoid economic disaster. he has been meeting with republican and democratic leaders to reach a deal to avoid tax hikes and spending cuts that take effect january 1. >> the hour-long meeting with president barack obama was the first face-to-face session together with both republican leaders of the latest fiscal crisis. obama said he was modestly optimistic about the agreement by senate leaders on a compromise bill that could be voted on by monday. that is just two days before 6 under billion dollars of automatic tax hikes and spending cuts begin to take effect -- $600 billion of automatic tax hikes and spending cuts take effect. >> we want to make sure that unemployment insurance is still available for 2 million people and lay the groundwork for additional deficit reduction and economic growth steps to take in the new year. but let's not miss this deadline. >> we are working hard to get there in the next 24 hours. i'm hopeful and optimistic. >> whenever we come up with will be imperfect. some people will not like it, some people will like it les
of 2-1 they hold the republicans more at fault than obama and his fellow democrats. >> earlier, i spoke to richard at campaign's for america's future that's a progressive political organization. he says it's unlikely that the u.s. will meet the deadline. >> it looks extremely unlikely at this point. they're not returning to the lower house until the day before the deadline. so chances are there won't be a deal before january 1st. but then most of the provisions of this so-calleded fiscal cliff won't have an immediate impact. several will but most will be delayed. so thile still have a chance to work in january. >> how is it going to be delayed? because delay has been something that president obama and the democrats have rejected. >> the tax laws won't have an impact on people until they start paying their taxes in earnest. the effect of that will be very mild, very slight. and some of the spending cuts, the -- the executive branch has 30 days to present its plan for putting these cuts into effect so they may not even take effect. so a number of the -- most economists agree that the impa
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